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Jan 1, 2013
01/13
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it means limited government and limited government spending and rewarding success. i'm kudlow and the kudlow report will be right back. >> this new year's day kick off 2013 in style with the look at what made 2012 unforunforgettab. the new year's day marathon all day on cnbc. nderstand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too good to be true sir. i'll believe that when pigs fly. ok, did she seriously just say that? geico. just click away with our free mobile app. we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> all right
it means limited government and limited government spending and rewarding success. i'm kudlow and the kudlow report will be right back. >> this new year's day kick off 2013 in style with the look at what made 2012 unforunforgettab. the new year's day marathon all day on cnbc. nderstand. oh no, it's actually my geico app...see? ...i just uh paid my bill. did you really? from the plane? yeah, i can manage my policy, get roadside assistance, pretty much access geico 24/7. sounds a little too...
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Dec 31, 2012
12/12
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the federal government will be a drag on growth. no matter what happens, taxes go up on some folks then spending cuts in the budget control act and so far as you notice, brian, they haven't said anything about the $130 billion in automatic spending cuts out there if they do a one for one trade. >> quantify it for us. in layman's terms here. how much of a drag on growth, steve? >> right now, if we did the full fiscal cliff, the full fiscal cliff monty, perhaps is the best way it put it, we get rid of more growth in the economy than in all of 2011. it would be a negative number, essentially, mandy. like 4.2% of gdp. we grew up 4% of 2011. a negative number. take away from that all things being equal. depending on what the private sector did. a negative for the economy. every dollar they don't do on the fiscal cliff, that's a dollar that does not come out of the economy. but i think it is probably reason to consider. talking about what brian was talking about at the top of the show here. 1%, maybe 1.5% drag on growth of anything decide
the federal government will be a drag on growth. no matter what happens, taxes go up on some folks then spending cuts in the budget control act and so far as you notice, brian, they haven't said anything about the $130 billion in automatic spending cuts out there if they do a one for one trade. >> quantify it for us. in layman's terms here. how much of a drag on growth, steve? >> right now, if we did the full fiscal cliff, the full fiscal cliff monty, perhaps is the best way it put...
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Dec 31, 2012
12/12
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year-olds are going to end up on the exchanges for a whole lot more money and it's going to cost the government more. better to have them in medicare where the administration costs are 4% instead of 20%. so, that's really an awful idea. the idea of means testing, it already is means tested. if you want means tested a little bit more, be my guest, but means testing medicare really doesn't save you very much money. that's silliness. and i'm generally against means testing many programs anyway because i think for programs like this, which are really safety net programs, everybody needs to be in them to have the political impetus. and finally, medicare is the only really efficient universal health care program that we have in the country. why you want to kick people out of it is beyond me. >> i would really like to ask you, how you feel about being an american, someone who obviously has been in a very prominent leadership position here. we've spoken with many very prominent people, such as yourself, like ed rendell who said, what has been going on in congress right now, going right down to the wire
year-olds are going to end up on the exchanges for a whole lot more money and it's going to cost the government more. better to have them in medicare where the administration costs are 4% instead of 20%. so, that's really an awful idea. the idea of means testing, it already is means tested. if you want means tested a little bit more, be my guest, but means testing medicare really doesn't save you very much money. that's silliness. and i'm generally against means testing many programs anyway...
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Dec 27, 2012
12/12
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a lot of the money that the low-end consumer has, they won't have anymore, and they won't have the government assistance programs to rely on. may not have the same effect we saw in the last recession. >> the ultimate consumer discretionary stocks, it occurs to me, dana, would be the luxury retailers like a tiffany which have suffered here recently. they in the past have been immune to a lot of vagaries of the consumer and the economy, but that hasn't been the case this time around. what happened? >> i think tiffany's a little bit different than some of the other luxury goods company. tiffany overall is working on its product, silver business which is a high margin category. didn't have enough novelty and newness in it and hopefully that's something they can fix for next year. >> wasn't just me then? >> not just you. >> exactly. >> i noticed that, yeah. >> dana on that point, the companies for stocks like tiffany's, what about aptitude in places like china in. >> overall when we see what's happening in china, so many new brands emerged in china, new companies on the luxury good fronts, and you
a lot of the money that the low-end consumer has, they won't have anymore, and they won't have the government assistance programs to rely on. may not have the same effect we saw in the last recession. >> the ultimate consumer discretionary stocks, it occurs to me, dana, would be the luxury retailers like a tiffany which have suffered here recently. they in the past have been immune to a lot of vagaries of the consumer and the economy, but that hasn't been the case this time around. what...
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Dec 27, 2012
12/12
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we fall off the cliff, the fear is that we fall off the cliff, not slowly glide down the cliffch the government at this point needs to understand that we should be able to trust you to do the right thing, put politics aside and think about us, the people that's why we have government. fix it. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. it's no wonder so many investors are saying... you know it even after all these years. but your erectile dysfunction - you know,that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to tr
we fall off the cliff, the fear is that we fall off the cliff, not slowly glide down the cliffch the government at this point needs to understand that we should be able to trust you to do the right thing, put politics aside and think about us, the people that's why we have government. fix it. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a...
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Dec 28, 2012
12/12
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you have forest service, 30% of the land is owned by the federal government. so there's a lot of federal dollars that come to montana. that's part of the system. >> what would be the economic impact, going back to what the farmer was telling us about the situation, if estate taxes go up 55%. we're going to see farmers cutting back on the size of their farms, some may even go out of business. what's the economic impact and how can you mitigate that, governor? >> the difficulty here is over the long-term. naturally, sometime during january if we go over the cliff which is more of a hill, these congressmen will come to their senses. they've gone completely crazy and apparently if you vote for something on december tlonl, then it's okay with grover nor quist and if it's after december 31st, it's something else. look, a pledge is one thing, but look right now we've been spending money on a credit card nationally for the last ten years without paying for it. both parties have been doing it. it's time to pay down. spend less and we have to raise more money. >> that's
you have forest service, 30% of the land is owned by the federal government. so there's a lot of federal dollars that come to montana. that's part of the system. >> what would be the economic impact, going back to what the farmer was telling us about the situation, if estate taxes go up 55%. we're going to see farmers cutting back on the size of their farms, some may even go out of business. what's the economic impact and how can you mitigate that, governor? >> the difficulty here...
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Dec 31, 2012
12/12
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to govern, i'm a pretty practical guy. and i just want to make sure that things work and one of the nice things about never having another election again, i will never campaign again, is, you know, i think you can rest assured that all i care about is making sure that i leave mind an america that is more stable, more secure than it was when i came into office and that's going to continue to drive me. and i think that the sh we're dealing with right now in the fiscal cliff is a prime example of it. what i'm arguing for are maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal, left wing agenda. it used to be considered a mainstream agenda. and it's something we can accomplish today if we simply allow for a vote in the senate and in the house to get it done. the fact that it's not happening is ancation of, you know, how far certain factions inside the republican party have gone where they can't even accept what used to be centrist mainstream positions on these issues. i'm an optimi
to govern, i'm a pretty practical guy. and i just want to make sure that things work and one of the nice things about never having another election again, i will never campaign again, is, you know, i think you can rest assured that all i care about is making sure that i leave mind an america that is more stable, more secure than it was when i came into office and that's going to continue to drive me. and i think that the sh we're dealing with right now in the fiscal cliff is a prime example of...
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Dec 26, 2012
12/12
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that's why we have to slash government spending. the nation is broke. >> but peter, peter, michael farr, while we need this reduction in spending and i'm totally with you, we don't need this ham-handed kind of blunt instrument approach to figuring out the solutions to these problems. i mean, these guys have had all the time in the world to come up with the simpson-bowles and they just refuse to take responsible action. >> but they're not going to do that. it's funny, people talk about we need a solution that avoids the fiscal cliff but that solves our long-term problems. these things are mutually exclusive. we can't solve our problems without going over a cliff. the problem is the cliff is too small to actually solve the problem. it needs to be much bigger. [ speaking simultaneously ] >> how much confidence would, let's say we go over the cliff and we cut spending, we raise taxes, and the fiscal situation, albeit through a short recession, helps the fiscal long-term situation of america. how much confidence could that add to many pe
that's why we have to slash government spending. the nation is broke. >> but peter, peter, michael farr, while we need this reduction in spending and i'm totally with you, we don't need this ham-handed kind of blunt instrument approach to figuring out the solutions to these problems. i mean, these guys have had all the time in the world to come up with the simpson-bowles and they just refuse to take responsible action. >> but they're not going to do that. it's funny, people talk...
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Dec 29, 2012
12/12
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the amendment which had govern the a lot of u.s.-russian/soviet relations going back to the 1970s had to be replaced. it was replaced in congress by the act which set russia's worst human viets violators there should be consequences when it comes to getting visas. vladimir mute indecided to lash out to the united states by pointing a figurative rifle at the head of russia's orphans. >> we improve russia's trade relation with us, officially and then he gets upset because buried within there is a little clause that says, as you point out, the worst human rights violators should have trouble getting into the united states. how far should we go, throw, right? i brought this up last night and i'll bring it up again with you. in the united states we believe that people all over the world have certain rights regardless of geography, regardless of ethnicity, regardless of religion. they are inalienable and it is unfathomable to us that there are parts of the world where they don't believe that. it's amazing, but true. how far do we go in pu
the amendment which had govern the a lot of u.s.-russian/soviet relations going back to the 1970s had to be replaced. it was replaced in congress by the act which set russia's worst human viets violators there should be consequences when it comes to getting visas. vladimir mute indecided to lash out to the united states by pointing a figurative rifle at the head of russia's orphans. >> we improve russia's trade relation with us, officially and then he gets upset because buried within...
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Dec 28, 2012
12/12
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was a tremendous emotional response and the guns were banned and those people who owned them and the government knew where they were because they were all registered were required to hand them in even the target shooting olympic team was not allowed to keep guns in the country and they had to practice and keep their guns abroad, but nonetheless, within the decade of guns being withdrawn from these people gun crime with handguns actually doubled and guns are really are awash on the streets and there's a fair amount of street crime using handguns which there hadn't been much of before, and it's beyond which was something that traditionally they never were. so it hasn't worked and what it has done and it's taken the guns away from the law-abiding people that might have used them to protect themselves or to do something else with legitimately. >> what do you say to people who look at united states and say, wow! random mass murderers -- i heard it today. random mass murders in the united states where some whacko killed a bunch of people he doesn't know seems to happen every six months in the united
was a tremendous emotional response and the guns were banned and those people who owned them and the government knew where they were because they were all registered were required to hand them in even the target shooting olympic team was not allowed to keep guns in the country and they had to practice and keep their guns abroad, but nonetheless, within the decade of guns being withdrawn from these people gun crime with handguns actually doubled and guns are really are awash on the streets and...
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Dec 28, 2012
12/12
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government bonds still have a role. government bonds with credit on top if you like. so we were one of the first private banks to buy ultra long corporate bonds normally held by pension funds reflecting the fact that you have above average risk premiums and potential risk correlation. so that's attractive. an area that's really suffered, ctas. >> ctas? >> ctas really suffered. >> what are ctas? >> commodity trading advisers is what they're short of. it's a style of hedge fund management and it did very well in '08 and '01 or '2. they've struggled for a couple of years. but still importantly they still have a negative correlation. >> i'm just wondering what happens with the cliff impact on gold. you know, if we find the cliff solution, if we find a mediocre solution, if we find no solution, are we going to see a huge swing in the price of gold? >> well, gold has a safe haven role. it has had a safe haven role just like other assets that you mentioned that could be hemgs against equity movements such as these safe haven bonds such as german ones, u.s. ones, maybe japane
government bonds still have a role. government bonds with credit on top if you like. so we were one of the first private banks to buy ultra long corporate bonds normally held by pension funds reflecting the fact that you have above average risk premiums and potential risk correlation. so that's attractive. an area that's really suffered, ctas. >> ctas? >> ctas really suffered. >> what are ctas? >> commodity trading advisers is what they're short of. it's a style of hedge...
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Dec 28, 2012
12/12
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that is not the job of the government. the government's job is to raise taxes and to lower taxes when our economy needs it. that's what the senate does. john breaux, former senator john breaux from louisiana sat on the floor during the 2001 tax bill and said our job is to raise taxes when they need to be raised and lower them when they need to be lowered. that's the senate and the house's job. >> but, one man's -- is another man's -- if you look at the laugher curve you don't know when to raise and when to lower at this point. >> president obama kept bush's taxes in for two years. >> i know. >> but suddenly, you know, democrats like you love the 98%, and you hate the 2%. it's very weird. >> tell him, joe. >> don't hate the 2%. i'm not a self-loathing hater. i don't hate the 2%. >> hey, joe, before we go, you mentioned -- you heard jimmy talking about the decider. that made me think of 4-3. but my heart and mind are with 41 and you worked for him. do you know anything? >> nothing new. we're just keeping him in our prayers.
that is not the job of the government. the government's job is to raise taxes and to lower taxes when our economy needs it. that's what the senate does. john breaux, former senator john breaux from louisiana sat on the floor during the 2001 tax bill and said our job is to raise taxes when they need to be raised and lower them when they need to be lowered. that's the senate and the house's job. >> but, one man's -- is another man's -- if you look at the laugher curve you don't know when to...
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Dec 31, 2012
12/12
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the debt ceiling is simply a decision by the united states government to pay its debts. i am very troubled by the fact that that came into play. there are legitimate concerns about what level of taxation we should have, how much military spending there should be, should we reduce medicare. but whether or not we should pay or debts ought not to be a political issue. and hold the reputation for america as someplace that pays its debts hostage is a terrible idea. i'm hoping this will be a good precedent for getting the debt limit issue out of the way. and then there will be legitimate public policy debates about how much and what kind of spending cuts. >> congressman, this is dan greenhaus. let me say, you're hilarious and i'm going to miss you. jonathan tweeted, obama has utterly caved on taxes and inviting future hostage tactics by the gop. does that sound right to you? >> no. in the first place, he has insisted on raising taxes, letting taxes go up, is what we're doing, for people above a certain income level. he does not control the house of representatives. part of thi
the debt ceiling is simply a decision by the united states government to pay its debts. i am very troubled by the fact that that came into play. there are legitimate concerns about what level of taxation we should have, how much military spending there should be, should we reduce medicare. but whether or not we should pay or debts ought not to be a political issue. and hold the reputation for america as someplace that pays its debts hostage is a terrible idea. i'm hoping this will be a good...
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Dec 31, 2012
12/12
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that's what the government does. get government off our backs and this economy could take off. >> senator, thank you. we'll see. >> the packers. >> still? >> absolutely. >> -- through washington. >> that's what i'm saying. i was rooting for the redskins last night. that was a fun game to watch. >> becky, did you notice, where did we get -- took us that long to find a song called rise above? did you hear that song. >> we did hear that at the beginning. i was talking about spider-man, they sing it through spider-man on broadway. that was a different version. >> can we commission that song? or did that exist in senate? >> it's actually me singing the backup. no! >> i wondered because it sounded like sorkin was the reggae thing. weren't you just in jamaica? >> i was in jamaica. we recorded that while we were down there. >> this is where we come together. we're not allowed to play any beatles stuff. >> we're not? >> no. ixnay on the beatles. >> now i have the kangaroo song stuck in my head. >> why did i think of that? but
that's what the government does. get government off our backs and this economy could take off. >> senator, thank you. we'll see. >> the packers. >> still? >> absolutely. >> -- through washington. >> that's what i'm saying. i was rooting for the redskins last night. that was a fun game to watch. >> becky, did you notice, where did we get -- took us that long to find a song called rise above? did you hear that song. >> we did hear that at the...
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Dec 31, 2012
12/12
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these are government employees, blue collar workers, office clerks. what's their secret? they live in france. >> stephane marchand is a senior economics editor at the french newspaper le figaro. >> in my line of job, i am a journalist working with french newspaper. we have eight weeks of vacation. >> eight weeks of vacation? >> eight weeks, yes. i know it maybe surprising for you because i know in the u.s. you might have only two or three if you are lucky. but we have eight. >> like most frenchmen, marchand has no guilt about taking so much time off. in fact, it's the law. full-time workers in france are guaranteed at least five week's vacation, guaranteed those long lazy days in the sun and leisurely lunches in outdoor cafes. on top of the five weeks, there are another dozen public holidays and a maximum 35-hour work week with no paid overtime allowed. managers like marchand, who work more than 35 hours a week, get more time off. >> the so-called 35-hour week gives us 22 more days a year. >> 22 more days in addition to the eight week's vacation. >> yes. >> wow. >> which
these are government employees, blue collar workers, office clerks. what's their secret? they live in france. >> stephane marchand is a senior economics editor at the french newspaper le figaro. >> in my line of job, i am a journalist working with french newspaper. we have eight weeks of vacation. >> eight weeks of vacation? >> eight weeks, yes. i know it maybe surprising for you because i know in the u.s. you might have only two or three if you are lucky. but we have...
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Dec 28, 2012
12/12
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if there's a cut in government spending, where is the lift coming from, consumers, investment? therefore, the u.s. economy, we're on fragile ground right now. >> short term, sarge, this market held hostage minute by minute by the developments out of washington. >> yeah, sure, if we don't see any kind of compromise whatsoever, you'll see this s&p 500 trading in the 1360s next week. i think you'll get a short-term deal, address some of the issues, not really solve anything, kick the can down the road much like they do in europe and get your mild positive reaction going into the jobs data on friday. >> do you think we get a definitive move in this market one way or the other with some announcement out of washington, or is this market just so tired of all of the developments there? what do you think? >> well, there's still a risk-on trend, and if they kick the can down the road or actually come to some kind of compromise, that trend is intact, and you'll see going into the first few months of the year i believe very positive price action for all the equity indexs? >> what now, rick
if there's a cut in government spending, where is the lift coming from, consumers, investment? therefore, the u.s. economy, we're on fragile ground right now. >> short term, sarge, this market held hostage minute by minute by the developments out of washington. >> yeah, sure, if we don't see any kind of compromise whatsoever, you'll see this s&p 500 trading in the 1360s next week. i think you'll get a short-term deal, address some of the issues, not really solve anything, kick...